Advertisement
AD

Main navigation

XRP Movement On-Chain Tops 100 Million Tokens, Should Market Brace for Sell-off?

Advertisement
Fri, 3/03/2023 - 12:24
XRP Movement On-Chain Tops 100 Million Tokens, Should Market Brace for Sell-off?
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

XRP is among the top losers of the top 10 digital currencies today. The payment token is down by 2.80% over the past 24 hours and is pegged at $0.368, according to CoinMarketCap's data.

Advertisement

The rout in the industry has been encompassing, and while it cuts across the most dominant altcoins in terms of market capitalization, XRP has given a slight insight into what might be the trigger for its own slump. Per data from analytics outfit Whale Alerts, more than 121 million XRP coins have moved on-chain over the past 12 hours.

The largest of this tranche was 46.5 million XRP units worth around $16.5 million being moved from Bitso exchange to an unknown wallet. The funds' movement also involved about 43 million XRP units as well, as another 32 million XRP tokens.

There is no evidence that the owners of these funds are connected in any way, and while the purpose of the movement remains unknown, investors are expected to stay conservative in their approach at the moment. This has become even more necessary now that the market is recording massive liquidations worth more than $240 million.

Related
Ripple's Key Partner Links with Mastercard to Launch Debit Card

Trusted market resilience

The crypto ecosystem is often overloaded with one form of Fear, Uncertainty and Doubt (FUD) at one time or another, and this time around, the negativity is quite profound. The industry is seeing the regulator's encroachment in stablecoin administration, as in the case of Paxos Trust, as well as staking services, as in the case of Kraken exchange.

Even the proposed acquisition of the assets of Voyager Digital by Binance.US has been squashed by American regulators, showcasing the onset of enhanced scrutiny from market watchdogs.

Despite all of these things, the industry is known to be highly resilient, and this might help the ecosystem bounce back in no time.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD